The Expert Podcast

…You may remember back about a year or so ago we did an expose on a potential fraud from a company called NRIA National Real Estate Investment Advisors. And this was a case where we had some, clients or victims that came forward and were curious about how this company was advertising and potentially a fraud And we did some investigation and we found some. Troubling facts about the company One was, one of the principals was using a fake name and they had a prior record Well, It look. like now finally, this has been proven as a fraud so let's take a look. As of last week according to the us securities and exchange commission sec. The real estate. development company called national real estate investment advisors has been formally charged with a 600 million Ponzi scheme Again this is at this point allegedly, it's not been proven in court. Innocent until proven guilty and all that. But it was charged the company and its former executives running a Ponzi scheme that raised 600 million from investors And this is a company you heard advertising on, CNBC and Fox news and a lot of other channels. and then beginning back 2018 And it wasn't long after that that we started…doing some research on this company was in 2019 2020. the. Company promised that the investment money would be used to buy and develop real estate. And. they were collecting. Tens and hundreds of millions of dollars. And supposedly this real estate would develop. and generate profits. Well turns out that most of the money…Investor money was used to pay distributions to other investors Allah Ponzi scheme and to fund the executives personal and luxury purchases. They also use some of the money to pay reputation management firms. To thwart investors due diligence. And we ran into this when we started investigating we found that there were companies trying to run interference from us finding out about the executives One of the executives was actually using a fake name because he had a prior. Conviction for a previous Ponzi scheme. That was very similar to this NRIA scheme And when we did the investigation we found this as well. The real estate funds financial statements were manipulated. in the marketing material to make it look like there was actually more profits than were actually happening So. this is what we'd like to see where an investigation that we started comes to fruition. And there's at least now a thorough government investigation. Look it may not turn out to be…A full-blown Ponzi as deep as what is being alleged here However, however, at least now the government's involved in trying to find out to get to the bottom of it and maybe victims now will start getting their money back through. Recovery of assets and recovery of funds lost to this scheme, allegedly.